Also: Canada’s inflation rate ticked higher last month; Lululemon unveiled its first summer Olympic and Paralympic uniforms for Team Canada
Finance Minister Chrystia Freeland released a federal budget that raises more than $20-billion in new revenue over five years, primarily through changes to Canada’s capital-gains rules, in an effort to have wealthy Canadians and corporations help offset the cost of billions in new spending.
The budget doesn’t make any changes to income tax rates, nor does it include an explicit wealth tax. Instead, the tax hikes are focused on capital gains, which are the profits an individual or a business earns when they sell an asset, such as stocks or property. Fifty per cent of capital gains are currently taxed at a person’s marginal income tax rate. The change increases this to 66 per cent for capital gains over $250,000.
The S&P/TSX composite index was down 97.33 points to end at 21,642.87. The S&P 500 lost 10.41 points to end at 5,051.41 points, while the Nasdaq Composite lost 19.77 points to 15,865.25. The Dow Jones Industrial Average rose 63.86 points to 37,798.97.As the Middle East erupts, don’t look away from Gaza
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